Swiggy net loss nearly doubles to Rs 1 197 cr in Q1

Swiggy on Thursday reported widening of its losses on a consolidated basis to Rs 1,197 crore for the June quarter, dragged down by the Rs 896-crore loss from its quick commerce business Instamart.

The company had reported a loss of Rs 611 crore in the year-ago period. However, its total income increased substantially to Rs 5,048 crore, from Rs 3,310 crore a year ago, the company said in a regulatory filing.

Its expenses shot up to Rs 6,244 crore, from Rs 3,908



crore during the April-June period on a year-on-year basis, it said. In a letter to shareholders, the company said its food delivery growth has accelerated over the last couple of years.

“At 18.8 per cent, we have demonstrated our second fastest year-on-year growth over the last nine quarters… We remain confident of our high-teens growth outlook in the near term. We expect to improve on the growth in the medium-term as newer use-cases gain consumer traction,” Swiggy stated.